Can Cash be Crushed? Multi-Country FinTech Survey Finds Many Adults Still Rely on Paper Money

NEW YORK, April 26, 2017.Quovo, a data platform providing insights and connectivity for financial accounts, today announced it has raised $10 million in Series B funding. F-Prime Capital and Napier Park Financial Partners co-led the round and were joined by existing investors, FinTech Collective and Long Light Capital. Quovo will use the funds to accelerate the growth of its suite of data analytics offerings, which include the company’s recently launched bank authentication API and Quovo Connect module.

By providing efficient access to financial account aggregation and analytics via APIs and front-end dashboards, Quovo has played a key role in driving the ongoing digital transformation in wealth management. Demand for high-quality financial account data is rapidly growing as the broader financial services industry turns to data to optimize their client relationships and drive valuable insights. Leading this trend, Quovo has expanded across multiple financial services verticals, offering solutions for banking, lending, insurance, and more.

This expansion has most recently led to the launch and growth of Quovo’s Bank Authentication API and the launch of Quovo Connect, an easy-to-use module that offers an elegant user experience for adding financial accounts from thousands of institutions. The new Bank API and Quovo Connect are both easily embedded into any website or mobile app with just a few lines of code.

“We’re excited to see the continued traction and adoption of our services across the financial services and FinTech space,” said Lowell Putnam, CEO and co-founder of Quovo. “Our mission to help firms build strong, data-driven client relationships is shared by the smallest startups and some of the country’s largest institutions. Investors are committed to helping Quovo flourish, validating our success to-date and helping us drive the innovation our customers demand. This new funding will enable us to build upon our success and help anyone trying to innovate or disrupt within financial services.”

“Quovo has a role to play wherever data is being used to build stronger financial relationships. We are impressed with Quovo’s adoption within the wealth management industry and are excited to see what they can accomplish as they expand more broadly across financial services,” said David Jegen, a partner at F-Prime Capital, who will be joining Quovo’s board.

Ned May, a principal at Napier Park Financial Partners, will also be joining Quovo’s board of directors. “We seek to back differentiated platforms with leading management teams and provide the resources and deep financial services expertise to help innovative companies reach their full potential,” said May. “Quovo’s rapid growth across multiple industry verticals underscores the strength and importance of its platform, and we are thrilled to partner with Lowell and the entire team to support Quovo’s next phase of growth.”

About QuovoQuovo is a data platform providing insights and connectivity for millions of financial accounts across thousands of institutions. With industry-leading APIs, modular applications, and enterprise solutions, Quovo helps deepen relationships by better connecting you to your clients’ financial lives. Today, hundreds of institutions, thousands of advisors, and millions of end-users rely on Quovo’s technology for account aggregation, bank authentication, and ongoing insights to build better financial futures. To find out how Quovo can help you, visit www.quovo.com.

About F-Prime CapitalF-Prime Capital is a global venture capital firm investing in life sciences, healthcare and technology. Since 1969, F-Prime has worked closely with entrepreneurs and academics to create innovative solutions to some of the world’s most significant challenges in healthcare and technology. For more information, please visit www.fprimecapital.com.

About Napier Park Financial PartnersNapier Park Financial Partners (“Financial Partners”), the private equity group of Napier Park Global Capital, focuses on investing in innovative, high growth companies at the intersection of financial services and technology-enabled products and services. Financial Partners targets investments of $5 million to $30 million, with current and prior portfolio companies spanning the following industry subsectors – Payments, Banking and Lending, Insurance and Benefits, Asset and Wealth Management, and Business Services and Outsourcing. For more information, visit http://www.napierparkglobal.com/private-equity.